04:40 PM EST, 12/11/2024 (MT Newswires) -- Tapestry (TPR) late Wednesday said it closed a $1.5 billion debt offering in two tranches worth $750 million each of senior secured notes maturing in 2030 and 2035, respectively.

The 2030 notes will yield 5.10% in annual interest, while the 2035 notes carry a 5.50% coupon.

The fashion accessories company expects to use net proceeds from the offering, together with cash on hand, for general corporate purposes, including repaying borrowings through a term loan facility and a revolving credit facility, which previously helped fund stock buybacks.